Most of us think that we have a pretty tight grip on our finances. Sure, it wasn’t always this way. We’ve made some mistakes along the way from bad investments to frivolous purchases to poorly managed debts.
And while it may have taken some time, effort and diligence to wipe the slate clean, we applied ourselves and over time managed to right the ship that was our financial situation.
And, yet, while we may be riding a wave of financial security right now, the worst thing that we can do is rest upon our laurels. None of us really knows what tomorrow will bring. In a capricious economy and unstable political climate, nobody’s future is all that secure. Here are just a few ways in which you can prepare yourself financially from the unexpected and insulate yourself from the inherent financial risks…
Always Be Hustling
There’s never a bad time to start supplementing your income from your day job with a side hustle. Not only will this provide you with a little extra money to save, invest or spend as you see fit, but it will also insulate your from the insecurities of the current job market. In a time of enormous social, industrial and technological upheaval, nobody’s job is all that secure.
Worse, still you may find yourself in an vehicular accident or health problems that impedes your ability to work and earn while you recover. While an experienced lawyer, like Egenberg.com/new-orleans/car-accident-lawyers/, may be able to help you seek reparations, you’ll need an income while the matter goes to trial. A side hustle, however, can sustain you if you lose your job or are unable to work due to injury.
Never Stop Saving
Saving is not something that we should only reserve for times of fair weather. It should be something that we do all the time in fair weather or foul. Even in the leanest of times, we should contribute something to our savings.
Though they may seem insignificance at the time of depositing them, they can quickly add up to make a big difference, especially if you choose an online savings account which offers a much better rate of interest than your high street bank. Speaking of savings, check out these simple tricks that can help you to grow your savings within a month.
Double Check Your Insurances
We all like to hope for the best but that doesn’t mean that we shouldn’t plan for the worst. Even some of the most frugal and financially savvy people make the mistake of not getting life insurance, or choosing the wrong policy for their specific needs or dying intestate because they didn’t make a will.
Keep A Budget (even when you don’t have to)
Like saving, budgeting is something that financially savvy families should do at all times. While most of us budget when times are lean, one could argue that budgeting is even more important in times of financial plenty. Putting more into your savings and cutting back on frivolities when things are going well will protect you from risk in the future.
When you’re prepared for the unexpected, you know that your finances can weather any unpleasant surprises. Check out these great blogs for more tips and ideas for getting your life/work/money balance under control…
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